Bitcoin (BTC) trading volume is on the rise, as the cryptocurrency market is showing some signs of recovery.
At the time of writing, trading on BTC $19,326Thursday’s data, Coingecko shows, up 3.2 percent over the past 24 hours.
Today is one of the busiest trading days for bitcoin since mid-June. Cryptoquant attributes the recent surge in BTC trading volume to Binance.
CoinGecko has also revealed a dramatic increase in bitcoin trading volume over the past three days. The total trade volume for the coin is $142.5 billion, a massive increase or 42.5% gain from $81.6 billion.
However, recent charts suggest that the market is still prone to volatility, especially when it comes to the BTC/BUSD pair.
Despite this possibility, recent measures by Binance could help bitcoin and the broader cryptocurrency market recover from the recent massive liquidation.
bitcoin whales in aggressive mode
Binance on July 7 decided to remove trading fees for several bitcoin pairs. This includes trading pairs involving bitcoin and their native stablecoin, the bitcoin dollar (BUSD).
As a result, the daily trading volume in BTC/BUSD increased almost immediately. The current price of the pair is $19,369. The increase in value is due to “whales” buying BTC using BUSD.
Futures contracts on BTC/BUSD have also followed the same pattern. To date, the total number of BTC/BUSD transactions has reached 8.9 million. But does this whale frenzy portend future success for bitcoin? quite possibly.
Possible breakout? Or a dip in the offing?
The unexpected increase in bitcoin trading and trading volume is remarkable. This simple fluctuation can prompt traders to initiate profitable positions. At this point in time, long bitcoin holdings are realistic.
However, the chances of a breakout are still quite remote. Currently, the Stoch RSI and CCI numbers are rising, which could provide a sell signal for day traders looking for bullish gains.
However, the tapered end of a descending triangle formation can make it difficult for the bulls to break through.
Currently, the pair is hovering at the 78.60 Fibonacci level, with immediate resistance at the $19,792 price range. With the support at $18,137.58, it is likely to continue rising if the bulls maintain their strength.
BTCUSD pair showing signs of vigor, trading at $19,417 on the daily chart | Source: TradingView.com Featured image from The Market Periodical, Chart: TradingView.com
Credit : www.newsbtc.com